Abu Dhabi - Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.
OPEC and some non-OPEC producers decided to cut output by 1.2 million barrels per day for six months from January after world prices shed a quarter of their value in just a few weeks.
Prices currently hover around $60 a barrel, down from more than $85 a barrel in early October in the face of fears of weaker demand and an increase in supplies.
"In April, we will have a meeting to review the decision," United Arab Emirates Energy Minister Suhail al-Mazrouei told reporters on the sidelines of a conference in Dubai.
Mazrouei said that national oil company ADNOC has already informed clients that it will cut production by 2.5 percent from January. The UAE, OPEC's fourth largest producer, has been pumping around 3.0 million bpd.